Vijay Mallya was arrested in London on Tuesday, appeared in court, and was granted bail.

The Crown Prosecution Service, which acts on behalf of the Indian government, described the day's development thus: "The government of India laid further supplemental money laundering charges in India".

Vijay Mallya, known for his lavish lifestyle, has repeatedly defied summons by courts and investigators in India but has been a regular at public events in Britain, especially for the Formula One team that he owns. However, allegations of Mallya having diverted funds to tax havens overseas are not new.

The trial in the extradition case against Mallya is scheduled to begin for two weeks from December 4. In 2008, he acquired Deccan Aviation Ltd, driven by the urge to fly global routes (Indian rules at the time allowed only airlines that had been in existence for five years to fly worldwide routes and Mallya was in a hurry).

The money was then diverted to shell companies in seven countries, including the US, UK, France and Ireland, the report stated, citing the sources.

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